NGX: Market Sees Bearish Turn In 2024 As ASI Plunges By 1.4%

FBN Holdings’ Losses Reverse SWOOT Club Entry As NGX Market Cap Dips To N39.1trn

6 months ago
1 min read

The Nigerian Exchange Group (NGX) witnessed a dip in market capitalization, sliding to N39.103 trillion following a 0.49% decline. The reversal saw equities shedding N192 billion in value, marking a downturn from the previous day’s gains.

The most striking shift came from FBN Holdings, which incurred a substantial loss of 9.86%. This downturn not only impacted the bank’s standing but also resulted in its ejection from the SWOOT club, reversing earlier gains made during the week.

The market’s trading volume saw a marked decrease, plummeting from 690.011 million units to 436.557 million units, signifying a considerable drop in investor activity. Additionally, market turnover took a hit, experiencing a 37.6% decrease with the traded value slipping to N7.55 billion compared to N12.1 billion the day before.

READ ALSO: First Bank’s Market Surge Leads NGX As ASI Appreciates By 0.78%

Examining the market indices, the NGX All-Share Index closed at 71,457.92 points, witnessing a shift of +0.49%. The day’s trading spanned from a low of 71,418.82 points to a high of 71,859.23 points. However, the Year-to-Date percentage remained positive at +39.43%.

Top gainers for the day included MULTIVERSE (+9.91%), SCOA (+9.76%), MANSARD (+9.76%), INFINITY (+9.52%), and TIP (+9.70%), displaying impressive uptrends in their closing prices.

Conversely, notable losers were led by FBN Holdings (-9.86%), followed by NSLTECH (-9.64%), DEAPCAP (-9.46%), CHAMPION (-7.04%), and TANTALIZER (-6.00%).

UNIVINSURE (+8.00%) dominated the volume traded with 52.73 million units, followed by VERITASKAP (+5.88%) with 44.57 million units and NB (+0.13%) with 37.46 million units. Meanwhile, in terms of value, NB (+0.13%) led with N1.388 billion traded, followed by ZENITHBANK (-2.35%) with N1.121 billion.

The SWOOT category displayed limited activity, with only GTCO (-1.76%) and ZENITHBANK (-2.35%) recording price changes, while the remaining members (BUAFOODS, AIRTELAFRI, BUACEMENT, SEPLAT, MTNN, and DANGCEM) saw no alterations.

The banking sector faced negative trading sentiments, particularly observed among tier-1 banks. FBNH (-9.86%), ACCESSCORP (-5.21%), GTCO (1.76%), UBA (-0.46%), and ZENITHBANK (-2.35%) all experienced declines, marking a shift in the sector’s previously bullish trajectory.


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